(Bloomberg) -- Zipmex, the Asia-focused crypto exchange that froze some withdrawals last week, said it’s seeking to raise at least $50 million to repair its balance sheet. 

The company confirmed the targeted fundraising amount in an emailed response to questions from Bloomberg. Zipmex is in discussions to sell all or part of itself after lending money to troubled crypto firms Babel Finance and Celsius Network Ltd., a person with knowledge of the matter said, asking not to be named discussing private deliberations. 

Zipmex said in a tweet on Sunday that one of “various interested parties” it’s held talks with has “offered terms” in a memorandum of understanding, without identifying the entity.  

The fundraising target roughly represents Zipmex’s combined exposures to Babel and Celsius, which stand at $48 million and $5 million, respectively. Zipmex was derailed by the daisy chain of defaults that’s rippled through the highly interconnected market for crypto lending and borrowing following a $2 trillion rout in digital assets. Celsius filed for bankruptcy earlier in July and Babel has tapped restructuring advisers. 

Zipmex operates in Thailand, Singapore, Indonesia and Australia. It has a license for digital asset trading from the Securities and Exchange Commission of Thailand, according to its website. In Singapore, the exchange holds an exempted payment service provider permit, rather than a full license under the central bank’s new regime for cryptoasset firms.

Among its products is ZipUp+, an account that pays yields as high as 10% on deposits of tokens like Bitcoin, Ether and Litecoin. Withdrawals from that product are still frozen. 

Thailand’s SEC is investigating whether there were any legal violations by Zipmex’s Bangkok-based unit as the company’s actions affected a large number of people, according to a statement from the watchdog on Monday. 

“We have been engaged with the SEC and other government agencies to provide them with all required documents,” a Zipmex spokesperson said in an email, declining to comment further. 

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